The Ottawa County Improvement Corporation and the Oak Harbor Area Chamber of Commerce hosted Planning for the Future: Business Succession Essentials on March 3 at the Ottawa County Workforce Hub for Career Advancement, bringing together local business owners to learn practical strategies for planning leadership transitions and long-term stability.
Attorney Gabriela Toscano of Kocher & Barney led the workshop, emphasizing that succession planning is not just about retirement – it is about ensuring a business can continue operating smoothly if an unexpected event occurs.
Toscano encouraged business owners to organize key documents including articles, bylaws, operating agreements, buy-sell agreements, and insurance policies, and store them securely while sharing access with trusted stakeholders. She also recommended obtaining a baseline business valuation and reviewing buy-sell agreements, insurance funding, and operational policies to support smooth ownership transitions and business continuity.
Toscano emphasized that preparation, organization, and clear communication today can help prevent major challenges in the future.
“Make sure you know where your documents are, organize them, and share them with the people who need to know. Having those pieces in place now makes the transition much easier if something unexpected happens.”
The workshop reinforced that proactive succession planning helps businesses remain resilient by organizing records, understanding company value, maintaining updated agreements, and documenting policies to ensure smooth transitions and long-term stability.
